{"id":37081,"date":"2026-10-23T09:17:40","date_gmt":"2026-10-23T07:17:40","guid":{"rendered":"https:\/\/integrae.it\/?p=37081"},"modified":"2026-10-23T09:17:42","modified_gmt":"2026-10-23T07:17:42","slug":"update-127","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-127\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H26A, Value of Production stood at \u20ac 12.88 million, up 18.6% compared to \u20ac 10.86 million in 1H25A, supported by the evolving production mix in eyewear and the growing contribution from the electronics segment, in line with the Group\u2019s industrial and technological diversification strategy. Revenues reached \u20ac 10.00 million, up 31.2% compared to \u20ac 7.62 million in the comparable period, benefiting from the growth in full-service production and the consolidation of D.E.C. Elettronica. EBITDA stood at \u20ac 1.75 million, compared to \u20ac 1.84 million in 1H25A (-4.5%), with an EBITDA margin of 13.6%, down from 16.9% in the previous period, reflecting the higher incidence of direct costs, the evolution of the business mix and competitive pressures in the eyewear segment. Excluding positive extraordinary items, Adjusted EBITDA nevertheless improved to \u20ac 1.37 million compared to \u20ac -0.61 million in 1H25A. EBIT stood at \u20ac 0.31 million, compared to \u20ac 0.40 million in the comparable period, while consolidated Net Income was substantially at break-even, compared to \u20ac 0.03 million in 1H25A. From a balance sheet perspective, NFP increased to \u20ac 9.27 million of debt compared to \u20ac 8.56 million as of December 31, 2025, mainly reflecting higher working capital requirements and investments related to the expansion and diversification of the Group\u2019s industrial perimeter.

In light of the 1H26A results and the still challenging market environment for the eyewear sector, we revise our estimates across the plan period. In particular, for FY26E we estimate Value of Production at \u20ac 22.50 million, supported by the consolidation of D.E.C. Elettronica and the progressive contribution of Sharbie. EBITDA is expected at \u20ac 3.15 million, with an EBITDA margin of 14.0%, reflecting the higher contribution of electronics activities, which are structurally characterized by lower margins than eyewear, as well as competitive pressures and procurement costs. For the following years, we expect progressive growth, with Value of Production reaching \u20ac 25.50 million in FY28E (2025A-2028E CAGR: 7.2%) and EBITDA of \u20ac 3.85 million, corresponding to a margin of 15.1%, supported by improved operating efficiency and the development of synergies among the Group companies. From a balance sheet perspective, we estimate FY26E NFP at \u20ac 9.51 million of debt. We valued iVision Tech\u2019s equity value using both the DCF methodology and the market multiples of a sample of comparable companies. The DCF method, which prudentially includes a 2.5% specific risk premium in the WACC calculation, yields an equity value of \u20ac 26.0 million. iVision Tech\u2019s equity value based on market multiples amounts to \u20ac 22.0 million. This results in an average equity value of approximately \u20ac 24.0 million. The target price is \u20ac 2.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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In 1H26A, Value of Production stood at \u20ac 12.88 million, up 18.6% compared to \u20ac 10.86 million in 1H25A, supported by the evolving production mix in eyewear and the growing contribution from the electronics<\/p>\n","protected":false},"author":5,"featured_media":18939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[302],"class_list":["post-37081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ivision-tech-2"],"acf":[],"yoast_head":"\nUPDATE - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-127\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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